This is a multibillion-dollar project that includes rebuilding the neighborhood around TIAA Bank Field and is an essential component of the franchise's future in Jacksonville.
The stadium has the capacity to grow to seat 71,500 people, and the almost five-minute video presentation discussed the possibility of hosting events such as music festivals, concerts, international soccer matches and tournaments, and maybe even the NFL draft.
In addition to that, it had a short clip of the NCAA Final Four, but it made no mention of the possibility of hosting a second Super Bowl.
According to Jaguars president Mark Lamping, the total cost of the project, which will include the development of the region around the stadium, may be as high as $2 billion, with the modifications to the stadium costing between $1.3 billion and $1.4 billion.
Lamping also stated that the construction of a totally new stadium would cost an additional one billion dollars, regardless of whether it was built on the existing site or someplace else in the Jacksonville region.
A memorandum of agreement states that the city of Jacksonville and Shad Khan, the owner of the Jaguars, will divide the cost of the entire project (including the development around the stadium) 50-50, and that the refurbishment of the stadium might take as long as four years to complete.
What we've discussed with the city and what's contained in this memorandum of understanding is we get to 50-50, but more of their [the city's] 50% is going to have to go into the stadium because that's what the league's going to look at and more of Shad's 50 is going to have to go into the development around the stadium. And when you combine them, you get to 50-50.- Lamping
The Jaguars' current lease at TIAA Bank Field runs out at the end of the 2029 season. A new lease would need the NFL and 75% of the league's owners to approve it. The permission is believed to hinge on the renovation or construction of a new stadium.
If the city and the Jaguars reach an agreement on a two-year stadium repair plan, the Jaguars will be compelled to relocate their home games. Ben Hill Griffin Stadium at the University of Florida and Camping World Stadium in Orlando are two options.
Other options considered include a neighboring 11,000-seat baseball stadium that houses the Miami Marlins' Triple-A franchise and a 9,400-seat stadium at the University of North Florida, but Lamping estimated that adding 20,000 seats to either venue would cost $125 million.
The Jaguars play one of their home games each season in London, and there is the possibility that they might play additional home games in the United Kingdom in the future.
The club might continue to play its home games at TIAA Bank Field if the city and the team come to an agreement on a four-year restoration plan; but, according to Lamping, this would result in an extra expenditure of $190 million.
The most efficient and the cheapest route is to do it over two years and go to a stadium that you don't have to add a lot to, which would either be Florida Field [in Gainesville] or Camping World. We've had conversations with both. We've given them the specs and I think it's fair to say that both would be interested, assuming that the schedules would work.- Lamping
Over the following two weeks, the team will organize 14 events throughout Jacksonville to educate neighbors and fans about the stadium repairs. Lamping stated that the team and city intend to strike a deal by the spring and propose it at the NFL owner's meetings in May 2024.
If the parties achieve a deal on the proposal, which would need approval from the city's incoming mayor (who enters office on July 1) and the Jacksonville city council, Lamping believes it will secure the team's future in Jacksonville for decades.
The assignment is no different than it was the first day that he [Khan] walked in here. He wants to make sure we do everything we possibly can to make sure we have a stable, consistently competitive NFL franchise in northeast Florida for generations to come.- Lamping